Ashoka Cattle & Poultry Feeds IPO

About Ashoka Cattle & Poultry Feeds IPO

The public issue of the Ashoka Cattle & Poultry Feeds, an SME IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of a fresh issue component. The fresh issue will include 74,80,000 shares (aggregating up to ₹[TBA] crores). The total number of shares is 74,80,000 and the aggregate amount is yet to be finalised. The equity shares of the company are proposed to be listed on the NSE SME platform.

Ashoka Cattle & Poultry Feeds IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Ashoka Cattle & Poultry Feeds is engaged in the manufacture and sale of animal feed products for the poultry, cattle, fish and pig segments. Their principal business comprises the manufacture and sale of poultry feed, while they also manufacture cattle feed, fish feed and pig feed.

Objectives of Ashoka Cattle & Poultry Feeds IPO

• Funding incremental working capital requirements of the company.
  
• Purchase of machinery for the new manufacturing facility at Motipur, Bihar.
  
• General corporate purposes.
  

Industry Outlook

The Indian poultry market has witnessed significant growth in recent years, fueled by various opportunities such as the rising demand for affordable protein sources among urban and rural consumers, the increasing penetration of organized retail, quick service restaurants (QSRs), and e-commerce platforms, which have collectively driven higher broiler consumption. Additionally, there is a growing demand for value-added products, including ready-to-cook and ready-to-eat chicken, alongside advancements in breeding techniques, feed management, and the development of disease-resistant strains. Despite this, the Indian poultry industry faces several formidable challenges that hinder its growth and sustainability. These challenges include volatility in raw material prices (such as maize and soybean meal), which significantly impact profit margins; the ongoing risk of disease outbreaks, the effects of climate change and high temperatures on mortality and production costs; and competition from alternative protein sources, including plant-based and meat substitutes. The poultry business in India faces several risks and concerns that can affect its growth.

About Ashoka Cattle & Poultry Feeds

Ashoka Cattle & Poultry Feeds is engaged in the manufacture and sale of animal feed products for the poultry, cattle, fish and pig segments. Their principal business comprises the manufacture and sale of poultry feed, while they also manufacture cattle feed, fish feed and pig feed. In addition, they undertake contract broiler farming through a network of independent farmers across Bihar, Maharashtra, Assam and West Bengal. They primarily operate on a business-to-business (B2B) model and supply their products through a network of dealers, distributors, commercial poultry farms and independent farmers.

Strengths of Ashoka Cattle & Poultry Feeds

• Expanding reach through a multi-state godown network.
• Expansion through feed processing arrangements.
• Consistent product quality and nutritional formulation.
• Scale of operations and procurement capability.
• Established dealer network and customer relationships.

Risks of Ashoka Cattle & Poultry Feeds

• All their manufacturing facilities are situated in the state of Bihar.
• The company had undertaken business activities in the past which were not a part of the main objects clause of the MOA of the company.
• The company has been subject to certain historical procedural and compliance-related matters under the Companies Act, 2013.
• They derive a significant portion of their revenue from the poultry business.
• They operate certain warehouses and storage facilities under short-term rent agreements.

Notes: Considering the nature and turnover of business of the Company, the peers are not strictly comparable. However, the same have been included for broader comparison.

1. All the financial information for listed industry peer mentioned above is sourced from the audited financial statements of the relevant companies for Fiscal 2025, as available on the websites of the Stock Exchanges and the respective company website.

2. P/E figures for the peers are computed based on closing market price as on June 25th, 2026 on NSE, divided by Diluted EPS for the Financial Year ending March 31, 2025.

Anchor Investor Bidding Date: TBA

Registrar Details
Integrated Registry Management Services Pvt.Ltd.
Email: giri@integratedindia.in
Tel.: 044-28140801/28140803

Book Running Lead Manager
Sobhagya Capital Options Pvt.Ltd.

Ashoka Cattle & Poultry Feeds Contact Details
Shade No. A/4, New Industrial Estate, Bela, Darbhanga, Bihar, 846004.
Email: info@ashokafeeds.com
Phone: +91 9031083346

Ashoka Cattle & Poultry Feeds Business Model

The company earns its revenue through the manufacturing and sale of animal feed products for the poultry, cattle, fish and pig segments.

Ashoka Cattle & Poultry Feeds Growth Trajectory

Ashoka Cattle & Poultry Feeds’s Total Income for FY25 was ₹531.70 crores, whereas in FY24 and FY23 it was ₹461.42 crores and ₹273.59 crores, respectively.

The Profit After Tax for FY25 was ₹7.95 crores, whereas in FY24 and FY23 it was ₹2.60 crores and ₹0.15 crores, respectively.

Their EBITDA for FY25 was ₹11.85 crores, whereas in FY24 and FY23 it was ₹4.87 crores and ₹0.73 crores, respectively.

Ashoka Cattle & Poultry Feeds Market Position

As on December 31, 2025, the company operated two manufacturing facilities located at Bela and Donar in Bihar, spread over approximately 10,454.40 sq. ft. and 57,916.00 sq. ft., respectively. As on March 31, 2025, these facilities had an aggregate installed manufacturing capacity of 134,000 MTPA, comprising 36,000 MTPA at the Bela facility and 98,000 MTPA at the Donar facility.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹531.70 crores, ₹7.95 crores, and ₹11.85 crores, respectively.

How to apply for Ashoka Cattle & Poultry Feeds IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.